Why CBS (CBS) Stock Is Up Today

NEW YORK (TheStreet) -- CBS (CBS) was gaining 5.3% to $61.95 Wednesday following a Super Court ruling against Aereo.

In a 6-3 decision the court ruled in favor of broadcasters, saying that Aereo, which streams over-the-air TV to tablets, phones, and computers, violates the Copyright Act. The ruling overturned a previous ruling that said Aereo's method of delivering content was legal under the act.

Aereo argued it was providing a technology that its users rented to watch TV, though the court ruled that Aereo "is not simply an equipment provider."

Other broadcasters including Comcast (CMCSA), Disney (DIS), and 20th Century Fox (FOXA) are gaining following the ruling.

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TheStreet Ratings team rates CBS CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CBS CORP (CBS) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, notable return on equity and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

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